The Virginia Commonwealth University Board of Visitors approved a budget Friday for 2018-19 that includes an increase in tuition and mandatory fees of 6.4 percent for in-state undergraduate students.

The increase in tuition and fees supports providing $4.2 million for faculty positions, strategic hires and adjunct pay; $6 million in financial assistance for students; $2.8 million for utilities, library journal subscriptions, safety and compliance and building maintenance; and $6.1 million for a 3 percent merit-based increase for teaching and research faculty and a 1.5 percent merit-based increase for staff, effective Dec. 1.

“This budget will help the university attract and retain nationally prominent faculty members who reflect our student population, including adjunct faculty members who have been paid below the national norm for too long. This budget helps ensure that we will provide an exceptional educational experience while staying true to our mission of advancing student success and access, including by providing an increase in financial assistance for students,” said VCU President Michael Rao, Ph.D. “VCU is a nationally recognized research university, and we are committed to providing students, faculty and staff with the resources they need to succeed.”

Typical in-state undergraduate students enrolled in 15 credits per semester will pay $14,490 in tuition and mandatory fees in the 2018-19 academic year, representing an $866 increase. Out-of-state undergraduate students’ tuition and mandatory fees are set at $35,798, a $2,142 increase.

The board also approved VCU’s new strategic plan,Quest 2025: Together We Transform, which will guide VCU’s role as a preeminent national urban public research center and academic health center. The plan is the successor to the 2012-18 strategic plan, Quest for Distinction, and will focus on national prominence, student success, collective urban and regional transformation, culture of appreciation and diversity driving excellence.

About VCU and VCU Health

Virginia Commonwealth University is a major, urban public research university with national and international rankings in sponsored research. Located in downtown Richmond, VCU enrolls more than 31,000 students in 217 degree and certificate programs in the arts, sciences and humanities. Thirty-eight of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 11 schools and three colleges. The VCU Health brand represents the VCU health sciences academic programs, the VCU Massey Cancer Center and the VCU Health System, which comprises VCU Medical Center (the only academic medical center and Level I trauma center in the region), Community Memorial Hospital, Children’s Hospital of Richmond at VCU, MCV Physicians and Virginia Premier Health Plan. For more, please visit www.vcu.edu and vcuhealth.org.